Sales of new single-family homes increased 7.6 percent in May

Miami /
Jun.June 25, 2012 04:30 PM

In May sales of new single-family homes jumped 7.6 percent, month-over-month, to a seasonally adjusted annual rate of 369,000, U.S. Census Bureau and the Department of Housing and Urban Development numbers reveal. The data, released today, also show a 19.8 percent increase, year-over-year.

“May’s sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is keeping in touch with our expectations for continued, steady improvement through the end of this year,” David Crowe, chief economist at the National Association of Home Builders, said in a separate statement. About 154,000 homes have sold to date this year, compared to 130,000 at the same time a year ago. The uptick in sales yielded a constrained supply. Just 4.7 months worth of new home sales supply remained on the market, a 6 percent drop from April. That pushed the median price up 5.6 percent over the last year to $234,500. However, the median amount paid for a new home fell by $1,500 since April.

Broken down by region, the Northeast saw the greatest month-over-month gain: 36.7 percent. The South came in second with a 12.7 percent month-over-month climb. But the Midwest and the West posted respective declines of 10.6 percent and 3.5 percent, though their year-over-year figures posted gains of 2.4 percent and 10.8 percent, respectively.

“The relatively strong increase in new-home sales this May is an indication that more potential home buyers are being drawn to the market by today’s excellent mortgage rates as well as firming conditions in some local economies,” said Barry Rutenberg, NAHB’s chairman, in a statement. — Zachary Kussin


Related Articles

arrow_forward_ios
Patti and Allan Herbert with 4845 Southwest 78th Street (Credit: University of Miami and Redfin)
After selling their Richmond Hotel in Miami Beach, this couple bought a new house
After selling their Richmond Hotel in Miami Beach, this couple bought a new house
Zillow CEO Rich Barton (Credit: iStock)
Zillow Offers launches in South Florida
Zillow Offers launches in South Florida
(Credit: iStock)
Rough quarter: Resi sales fall in Broward, increase slightly in Miami-Dade
Rough quarter: Resi sales fall in Broward, increase slightly in Miami-Dade
Miami skyline (Credit: iStock)
Bringing some sunshine to South Florida’s opaque resi report outlook
Bringing some sunshine to South Florida’s opaque resi report outlook
June residential sales plummet (Credit: iStock)
Resi sales plummet across South Florida’s three counties in June
Resi sales plummet across South Florida’s three counties in June
South Florida skyline (Credit: iStock)
South Florida resi markets reported choppy sales in Q2: Elliman
South Florida resi markets reported choppy sales in Q2: Elliman
The Miami skyline (Credit: iStock)
South Florida home sales rise in May as price growth slows
South Florida home sales rise in May as price growth slows
Coco Amar
May home sales rise almost 10% in Naples amid eastward market shift
May home sales rise almost 10% in Naples amid eastward market shift
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...